Comparing Now To Then

Hey there! It’s Lynn Stringer once again. Let me tell you, it is HOT here. And I’ve been working tirelessly out showing and selling real estate. Summer is fast approaching. And there’s so much happening in the valley. But enough about that, let’s talk about what you’re here for: the latest real estate market update!

I wanted to give you a comparison between the weeks of May 1st, 2023, and April 10th, 2023. That way, you can see how things have changed. After that, I’m going to compare current data back to October of 2022. The market has changed a TON. You’ll see. As usual, I’ll provide my insights, and we’ll explore the data together. Sound good? Remember, we’re focusing on single-family detached homes in the Las Vegas Valley!

Also Read: What Is The Difference Between Summerlin And Henderson?

Weekly Stats Comparison

Week of May 1st, 2023

• ER (Active Listings): 3,834
• SS (Short Sales): 10 (.22%)
• REO (Real Estate Owned): 25 (.61%)
• TRAD (Traditional Sales): 3,799 (99.2%)
• UCS/UCNS (Under Contract): 2,702
• SS (Short Sales): 36 (0.73%)
• REO (Real Estate Owned): 34 (.30%)
• TRAD (Traditional Sales): 2,632 (97.44%)

Mortgage Pulse:

Conforming: 6.00%
FHA: 5.625%
VA: 5.375%
Jumbo: 5.625%

Market Trends:

• % of homes sold under 30 days: 49.6%
• 31-60 days: 16.1%
• 61-90 days: 10.9%

Median Home Price: $425,000

The Las Vegas Real Estate Market Continues To Hold Steady As Of May 2023

Stats For The Week of April 10th, 2023

• ER (Active Listings): 4,087
• SS (Short Sales): 11 (.22%)
• REO (Real Estate Owned): 28 (.61%)
• TRAD (Traditional Sales): 4,048 (99.2%)
• UCS/UCNS (Under Contract): 2,583
• SS (Short Sales): 28 (.73%)
• REO (Real Estate Owned): 23 (.30%)
• TRAD (Traditional Sales): 2,532

Mortgage Pulse:

Conforming: 5.99%
FHA: 5.5%
VA: 5.375%
Jumbo: 6.125%

Market Trends:

• % of homes sold under 30 days: 49.6%
• 31-60 days: 16.1%
• 61-90 days: 10%

Median Home Price: $425,000

Also Read: Latest Inventory Update For Mesa Ridge In Summerlin

Lynn’s Insights

Firstly, the number of active listings has decreased slightly. Traditional sales remain the dominant type of sale, which is a positive sign. It’s also interesting to note that the percentage of homes sold within 30 days hasn’t changed. Also, the median home price remains the same at $425,000. Mortgage rates have experienced a slight increase, particularly in the conforming and jumbo categories. This could be a factor to consider for potential buyers, as it may affect monthly payments and overall affordability.

May 2023 VS. October 2022

And for the REAL fun, let’s look at now compared to October of 2022. Seems like just yesterday! However, much has changed statistically.

Reminder Of Stats On May 1st, 2023

Active Listings: 3,834
October 2022: 8,119

The number of active listings has more than halved since October 2022, with a decrease of over 4,000 homes. This shift is significant and has a considerable impact on the market, with fewer homes available for buyers.

Short Sales & REOs

May 1st, 2023: Short Sales (10, 0.22%), REOs (25, 0.61%)
October 2022: Short Sales (27, 0.22%), REOs (45, 0.61%)

The numbers of short sales and REOs have also dropped, indicating a healthier market with fewer distressed properties.

Market Trends

• May 1st, 2023: % of homes sold under 30 days (49.6%), 31-60 days (16.1%), 61-90 days (10.9%)
• October 2022: % of homes sold under 30 days (56.8%), 31-60 days (28.4%), 61-90 days (9%)

Final Thoughts

As you can see, things have changed big in just a half of a year. I hope you found this real estate market update helpful. I enjoy putting them together! Want to buy a piece of Las Vegas real estate? If so, let me know. I’ve been in this business over 30 years, and I know this valley like you wouldn’t believe. Come back for my future posts on LuxeVegasLifestyles.com. And remember, it’s Vegas, baby – let’s have some fun while we navigate the ever-evolving world of real estate together.